Mahindra & Mahindra Financial Services on Monday announced that it has partnered with CRIF Solutions (CRIF) to offer a seamless onboarding experience for customers seeking loans.
CRIF is a global company specializing in credit bureau and business information, outsourcing and processing services, and advanced solutions for credit and open banking.
The NBFC said that through this association, the company would now leverage an automated decisioning platform StrategyOne - A Forrester rated Enterprise Business Rules Engine provided by CRIF - to integrate its customer acquisition channels across multiple retail asset product lines. This association is expected to facilitate quicker loan approval decisions, by combining automation and risk analysis, it added.
Speaking on the partnership, Ramesh Iyer, VC&MD of Mahindra Finance, said, Delivering consistent and convenient customer experiences is an all-important success metric for us at Mahindra Finance. This digital solution is a natural fit which will further improve our onboarding experience levels for customers at the dealer channel, branch as well as the mobile/web digital channels created for customers. We are happy to partner with CRIF and their relevant product lines in this initiative.
Raul Rebello, COO of Mahindra Finance, added, This rule engine platform solution will ensure the customer information we capture and consumed by our AI based scorecards combined with bureau information, consistently adheres to our underwriting guidelines. This entire solution, being a cloud-based offering, will result in quicker approvals across both inperson & online channels. Holistic and extensive engagement with credit bureaus is a key agenda as we progress on our path towards a high AUM growth.
Wilfred Sigler, senior director, market development & digital solutions of CRIF India mentioned, "We are excited about our partnership with Mahindra Finance as we share a common goal of broadening credit access across India. Through the platform, we aim to enable the company to further expand its coverage of loans and offer a convenient and hassle-free onboarding experience. It will help expedite the loan journey, thereby benefitting the company and 'borrowers-at-large.
Mahindra & Mahindra Financial Services, part of the Mahindra Group, is a non-banking finance company. The NBFC reported a consolidated net profit of Rs 239.86 crore in Q1 FY23 as against a net loss of Rs 1,573.40 crore posted in Q1 FY22. Total income rose 13.5% year on year to Rs 2,913.96 crore in Q1 June 2022.
Shares of Mahindra & Mahindra Financial Services slipped 2.95% to Rs 200.45 on the BSE.
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